LME zinc prices opened at $2584.5/mt last evening and closed down $16/mt or 0.64% at $2465/mt. Trading volume decreased to 6457 lots, and open interest decreased by 3868 lots to 222,000 lots. LME zinc inventory shed by 1850 mt to 89050 mt. The minutes of the Federal Reserve meeting showed that many officials released dovish remarks, and expectations for a pause in interest rate increases increased. However, Powell's speech was still hawkish, and the turbulent situation will become a consideration. That, coupled with the pressure of oversupply expectations, caused LME zinc to fall slightly.
The most active SHFE 2311 zinc contract prices opened at 21230 yuan/mt and closed flat at 21295 yuan/mt overnight. The trading volume was down to 45115 lots, and open interest decreased 1623 lots to 104,000 lots. The recent performance of the spot market has not improved. After the holiday, the market's mood for buying goods was poor, and transactions were slightly weak. Premiums in various places have fallen compared with before the holiday. However, at the same time, social inventory accumulation is less than expected, and SHFE zinc maintains stable operation.
